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Global Glimpses

“Global Glimpses” follows compliance, risk, and corporate governance news both in Europe and around the world. It covers developments at the International Accounting Standards Board, as well as global regulation, anti-bribery, and corruption enforcement, along with other compliance developments abroad. Global Glimpses is written by contributor Paul Hodgson. Hodgson welcomes questions, comments, and statements from readers on global issues and will address them here when appropriate. Readers can contact him at paul.hodgson@complianceweek.com.

Significant loopholes exist in many of Europe’s top banks, and concerns about cyber-breaches have skyrocketed, according to a new European Commission report. Despite the sheer complexity of IT systems, hackers have still made their mark on the financial services industry over the years. While banking IT systems have become more sophisticated—so have the threats. More inside.

Credit Suisse CEO Brady Dougan is stepping down after the bank pleaded guilty to criminal charges and violation of U.S tax laws, which resulted in $2.8 billion in fines by U.S regulators. The Swiss bank named Tidjane Thiam, Prudential’s current CEO, as Dougan’s successor. More inside.

Eurozone banks are expecting to provide more loans to companies in the coming months—a move that puts the banking sector back in the spotlight amid a downturn in recent years. The European Central Bank (ECB) said in its quarterly Bank Lending Survey that “there have been substantial improvements in the level of credit standards compared with banks’ indications one year ago.” More inside.

The Financial Conduct Authority has fined Bank of New York Mellon £126 million for the lack of compliance monitoring during the financial crisis. In a separate case this week, the regulator also imposed a record fine on Clydesdale Bank for “serious failings in payment protection insurance complaint handling,” the FCA said. Details inside.

The movement of executives at top financial institutions is back in the spotlight but this time the action is in Europe. Following the 2008-09 financial crisis banks were losing their chief executives faster than many expected. Now with post-meltdown regulatory reforms in full force, the turnover rate among executives has once again skyrocketed as banks continue to axe top bosses to speed up strategic change. More inside.

The Bank of England’s chief economist, Andy Haldane, is calling for debate around whether financial institutions should set aside more capital to help them weather any potential losses. “[Capital requirements] will be 10x higher than pre-crisis. Should they be higher still? Right question for tomorrow. We need that debate,” Haldane tweeted in a recent question-and-answer session to promote an upcoming BoE event. Details inside.

The EU is considering delaying the release of a comprehensive regulation that will overhaul financial market rules. The delay comes amid mounting concerns that the legislation’s accompanying technologies may not be ready in time for the January 2017 start date. Due to the complexity of the rule, banks and other financial institutions may need extra time to put the appropriate systems in place. More inside.